PadSplit

PadSplit is an American real estate co-living marketplace headquartered in Atlanta, Georgia.

Overview
The company provides a single-room occupancy model offered to rent furnished rooms in single-family homes with utilities and Wi-Fi included. According to Curbed, an American real estate website, PadSplit is aimed at working-class members, and it has single room dues from $500 to $750 per month. The median income for PadSplit residents is $30,000 annually and average around $21,000 a year.

PadSplit serves as a co-living marketplace, offering furnished room rentals to working-class individuals provided by property owners of single-family homes.

History
PadSplit was founded by Atticus LeBlanc, Frank Furman, and Jon O’Bryan in Atlanta, Georgia, in 2017. In 2018, the company was selected to participate in the Atlanta Techstars program. In April 2019, PadSplit raised $4.6 million in seed funding.

In October 2019, PadSplit was selected as one of three firms to conduct a co-living pilot program administered by ShareNYC and the New York City Housing Preservation & Development.

In August 2020, PadSplit raised $10 million to expand into other cities beyond Atlanta, including Houston. At this time, PadSplit operated more than 1,000 housing units. By January 2021, PadSplit operated 1,230 units through its shared housing model, without any public subsidies. In March 2021, PadSplit opened its first co-living units in Richmond, Virginia.

In November 2021, PadSplit raised $20.5 million in a Series B round of fundraising, bringing its overall fundraising total to $34.1 million and announcing its plans to expand to Dallas, Texas, and Jacksonville, Florida. In January 2024, the company surpassed 10,000 co-living rooms and housed 23,000 people across 18 U.S. cities.